Global oil prices plunged and then swung back wildly on Tuesday, following a series of conflicting news reports prior to President Donald Trump’s decision to withdraw from the Iran nuclear deal.
The price of crude oil hit $70 a barrel this week for the first time since 2014, then plunged by around $3 Tuesday morning amid speculation that the president would not re-certify the 2015 agreement. Crude futures then regained the morning’s losses before closing down 2.4 percent after Trump’s announcement that the U.S. would be pulling out of the multilateral accord, NBC News reported.
So what do all these global gyrations mean for your wallet? Higher prices at the pump.